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Jun 30, 2023
Tennant Q2 2023 Earnings Report
Delivered record net sales and net income.
Key Takeaways
Tennant Company reported strong second-quarter results, with net sales reaching $321.7 million, a 14.8% increase compared to the previous year. Net income soared to $31.3 million, an 88.6% increase year-over-year, driven by strong pricing realization and volume growth.
Net sales increased by 14.8% to $321.7 million, with organic sales growth of 15.0%.
Adjusted EBITDA reached $57.6 million, a significant increase from $30.3 million in the prior-year period.
Operating cash flow was $39.1 million, with over 100% conversion of net income to free cash flow.
Full-year 2023 guidance was raised, projecting net sales between $1.2 billion and $1.25 billion and Adjusted EBITDA between $175 million and $190 million.
Revenue by Geographic Location
Forward Guidance
The company increased its full year 2023 guidance and now expects net sales to be between $1.2 billion and $1.25 billion and Adjusted EBITDA to be between $175 million and $190 million.
Positive Outlook
- Net sales between $1,200 million - $1,250 million
- Organic net sales growth 10.0% - 14.0%
- Diluted net income per share $4.30 - $4.95
- Adjusted diluted net income per share $5.10 - $5.75
- Adjusted EBITDA $175 - $190
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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